The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.

The Outreach & Education function engages, empowers and educates the public in the Second District. Our outreach mission furthers the Bank’s commitment to the region by listening to the communities we serve and developing programs, analysis and sponsored conferences and clinics to help meet their needs. Our education mission aims to advance public knowledge about the Federal Reserve System and its role in the economy.

Effective October 1, 1997, the "regular" processing window will begin at 3:00 a.m. Eastern Time and close at 1:00 a.m. rather than 8:00 p.m. The fees assessed to Federal Reserve Bank customers during this "regular" billing period are: (a) for files of up to 2,500 transactions - 0.9 cents per transaction plus a $1.75 file fee; (b) for files of over 2,500 transactions - 0.7 cents per transaction plus a $6.75 file fee.

The new "premium" hours will be between 1:00 a.m. and 3:00 a.m. Eastern Time, and the transaction surcharge assessed during this period will remain 0.5 cents on each ACH item deposited with the Reserve Banks.

The change will reduce fees charged to customers originating ACH transactions by approximately $2.1 million annually. This is the fourth time the Federal Reserve has reduced its ACH fees in the past twelve months. These price reductions reflect the efficiencies the Federal Reserve is realizing from its centralized ACH processing environment.

Questions on this matter may be directed, at this Bank, to Gerald V. Lombardo, Electronic Payment Officer.